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TIF 1 collections rise; RDC told flexibility will grow after bond maturities
Summary
Consultant reported a sizable increase in assessed value tied to TIF 1 and noted that with the 2017 bonds nearly paid, TIF 1 should produce more cash available for projects beginning around 2027.
During the TIF presentation, the consultant identified TIF 1 as a legacy district (created 1993, expiring 2040) that showed a marked increase in assessed value passed through to overlapping units between 2025 and 2027. Carlson said spring collections were about $350,000 and that estimated annual TIF revenues were roughly in the $600,000–$700,000 range before obligations.
"So once you guys, you know, get into '27 and on, you're really gonna have some flexibility with TIF 1 and available revenues to be used on projects," Carlson said, noting most of the district's previously outstanding obligations (the 2017 bonds) have only one payment left. The presentation included line items for remaining bond payments and an annual $55,000 contribution toward waterworks bonds, which will reduce obligations and increase funds available for projects after maturities are met.
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